Fundstrat co-founder predicts Bitcoin will reach $150k by 2024
Fundstrat co-founder, Thomas J. Lee, has made a bold prediction for Bitcoin, stating that he believes the cryptocurrency could reach a high of $150,000 by 2024. Lee based his prediction on factors such as demand, supply dynamics, and the introduction of spot ETFs.
During an interview with CNBC, Lee suggested that Bitcoin could triple its current market price this year. As of February 21, Bitcoin was trading at around $51,000. If Lee’s prediction is correct, Bitcoin could also double in price from its all-time high of $69,000.
Lee is a financial veteran who has held top-ranking positions at JPMorgan Chase and Salomon Smith Barney. He has been ranked among the top institutional investors since 1998 and has 25 years of equity research experience.
According to Lee, Bitcoin is “sound money” and serves as a store of value. He also highlighted the strong anti-fraud technology of Bitcoin’s blockchain, noting that there has not been a single fraudulent entry since its inception in 2009.
The introduction of spot Bitcoin ETFs has also contributed to the increasing demand for Bitcoin. These ETFs have accumulated nearly $15 billion in assets under management and $5 billion in net inflows in less than two months.
Lee also mentioned the upcoming Bitcoin halving as a catalyst for price growth. The halving event, which is expected to take place in April, reduces Bitcoin mining rewards by 50% every four years. This helps maintain scarcity and counteract inflation by limiting the number of new Bitcoin tokens entering circulation.
Based on these factors, Lee believes that Bitcoin prices will continue to rise throughout the year. Bitcoin is already up 20% year-to-date and experienced a 150% increase in 2020. Despite volatility and profit-taking, crypto analyst Ali Charts has also noted a steady accumulation of Bitcoin by whales.
Overall, the future looks promising for Bitcoin, with increasing demand, supply dynamics, and the introduction of spot ETFs contributing to its potential price growth.
